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Most of the people that use our service successfully are individuals who in their initial loan search encountered one or more of the problems described on this site. They have had some experience which led them to feel they somehow weren't being told the truth (major truths) or were being overly "sold" on the loan process. Even borrowers who have had positive mortgage shopping and closing experiences may have heard how a friend, neighbor, relative or unsuspecting co-worker, were taken advantage of in major way by an unscrupulous banker, broker or loan officer. They may not be sure exactly how, or being able to clearly articulate their suspicion. After the whirlwind process of applying, anxiously waiting to be approved, signing tons of paperwork and making it through a long closing process they suspect the rate they paid was unnecessarily high, fees not very competitive or may have been put into an entirely wrong loan program (Prime or Alt-A borrowers being put into Subprime programs). Many borrowers had even more egregious offenses or outright fraud committed against them such as having rates or points bumped up at the last minute right at the closing table. At some point the complexity of the process, the everchanging movement of interest rates, the ratelock process, the myriad number of fees, appraisals, and new industry terminology causes even the most savvy and intelligent borrowers to lose track of many aspects of the process and opens them to being taken advantage of by a skillful mortgage salesman. The goal of LoanShoppingPros is to help borrowers avoid many of the problems encountered during a mortgage search by giving an outline and in depth overview of the mortgage process. We say in depth "overview" because although we can give you lots of information we can not make you experts overnight or even in a few weeks. What we can give you is guideposts and make you aware of common issues encountered while mortgage shopping. This way you can see ahead of time the bumps and sharp turns in the road ahead. To make this site work for you you should browse it and familiarize yourself with the major terminology. The mortgage market is constantly changing so not every problem or sales trick can be covered here. It would be too much information to absorb at once and most people have to get on with their own careers. What you will find is a description of the true nature of much of the mortgage industry so even later if you do not decide to use our service, reading our site will in general leave you much more prepared.
Borrowers who would like more one on one assistance in their loan search and information tailored to their specific credit and financial profile can then simply fill out our online short form and we can then help you on an individual basis. We cannot guarantee approvals or a 100% smooth process in every case (there is too much that can go wrong). We can act as more objective and more informed guides to help you avoid many major obstacles. The effort we put into building our pre-screened lender network eliminates 60-80% of the major pitfall issues right from the start. |